Shares of Wipro rose by 3% on October 14, as investors showed strong interest ahead of the company’s board meeting scheduled for October 17. The board will discuss a potential bonus share issuance, marking what could be Wipro’s fourth such bonus action, following similar moves in 2019, 2017, and 2010. In its last bonus issue, the company gave three additional shares for every one share held by existing shareholders. The focus will be on the bonus issue ratio that the board approves this time.
It is also scheduled to announce Q2 results on the same day. Analysts expect an IT recovery with easing interest rates and an expected pick-up in discretionary spending. Nuvama Institutional Equities, however, estimates margins to decline for Wipro because of wage hikes. Its growth guidance for FY25 and updates about the consultancy business will be closely watched.
On the NSE, Wipro’s shares were trading at Rs 538.70 at 10:53 am, while trading volumes stood at 63 lakh shares against the one-week daily average of 59 lakh shares.
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Source: Moneycontrol
News Desk
